Ethereum Price Forecast: Have The Bulls Tired Out?
After a positive few days, it seems that the Ethereum price is once again gripped in a downward spiral where it is expected to test the $2,000 support level again. ETH is currently trading just above the $2100 level at the moment, and movement is rather limited. If you’re looking to buy some Ethereum have a look at this beginners guide.The Ethereum price reached the $2300 level on 6 July but has been on a downward spiral since then. It has lost around 10% of its value so far and after a small bump yesterday, it is back to testing the $2100 level. If the price breaks below that, a descent all the way to the $1700 mark could be possible although a considerable sell off would have to occur.Short Term Ethereum Price Forecast: Testing Support Levels?The Ethereum price seems stuck in a mire but it could also provide a good buying opportunity. Have a look at if you’re taking the plunge. It seems that for the next few days, Ethereum will continue testing these support levels before making a break either way.However, it is more likely that the Ethereum price will continue to drop. After having reached the 200-day SMA of $2390 on July 6, a rejection took place. The price quickly fell to the $2160 levels with the Relative Strength Index also confirming muted volumes of sorts. This led to considerable bearish pressure on ETH.The decline on June 9 seems to signify another 20% drop where the level of $1842 could be tested. The February high of $2041 is also a distinct possibility although, for the time being, the price seems to be well supported at the $2100 level. If the low of $1840 is reached, then a sell-off could occur with more long-term implications for the Ethereum price.Long Term Price Forecast For ETH: Not Looking GoodAlthough there are several predictions indicating that the Ethereum price will continue to recover, the future is not looking good. The $3000 level seems elusive and in any case, Ethereum would have to overcome resistance at the $2400 and $2600 levels first, something which it is still very far from doing.If, on the other hand, Ethereum breaks through the $1840 barrier, then the bearish thesis would come into play. A brutal descent to the $1500 level could easily happen. The next few days will be interesting to demonstrate either thesis but further declines seem likely, at least in the short term.Looking to buy or trade ETHEREUM now? Invest at eToro!Capital at risk